After abandoning a $3.7 billion merger with rival Shutterstock in late June over a regulatory roadblock, Getty Images now plans to file for Chapter 11 bankruptcy and go private in partnership with Charles Koch’s investment firm.
As the company plots an overhaul, it says that there will be no impact on operations, employees, partners and vendors. It plans to undergo a prepackaged Chapter 11 process shortly and emerge from restructuring by the end of the year. Getty provides wire service photography and video to news outlets and businesses globally, including most red carpets and film festival premieres.
In June, Getty CEO Craig Peters said that its board of directors decided to scrap the deal to merge with Shutterstock…